Brief: Gjensidige Sees Significant Increase In Reinsurance Premiums

Gjensidige Forsikring ASA

14/07/2023 06:19

July 14 (Reuters) - Gjensidige Forsikring ASA  GJFG.OL :
    * OUTLOOK FOR GJENSIDIGE'S INSURANCE SERVICE RESULTS REMAINS
GOOD
    * INVESTMENTS GENERATED NEGATIVE RETURNS DUE TO HIGHER
INTEREST
RATES
    * INCREASE IN UNDERLYING FREQUENCY LOSS RATIO WAS MAINLY
DRIVEN BY
NORWAY, REFLECTING A HIGHER FREQUENCY OF CLAIMS FOR MOTOR AND
PROPERTY INSURANCE
    * DOES NOT EXPECT TO SEE ANY SIGNIFICANT SPILLOVER TO ITS 
NON-LIFE OPERATIONS FROM THE CURRENT MACROECONOMIC OUTLOOK
    * CLAIMS INFLATION  IN RECENT YEARS HAS BEEN IN LINE WITH
THE
GROUP’S FORECASTS
    * DUE TO INCREASING NATURAL CATASTROPHES, GEOPOLITICAL
UNCERTAINTY
AND YEARS OF LOW PROFITABILITY IN  THE INDUSTRY, WE ARE SEEING
SIGNIFICANT INCREASE IN  REINSURANCE PREMIUMS
    * COMPARATIVELY LOW EXPOSURE  TO NATURAL CATASTROPHES IN OUR
REGION ENSURES THAT GJENSIDIGE IS  ADEQUATELY PROTECTED AGAINST
THESE CLAIMS AND EVENTS
    * IN THE NEXT YEARS, IT IS EXPECTED THAT GJENSIDIGE’S
BUSINESS 
MODEL AND TYPE OF MARKET PARTICIPANTS WILL REMAIN THE  SAME

Source text for Eikon:  ID:nWkr8l6ZCW 
Further company coverage:  GJFG.OL 

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